[October 30, 2009] Harmonic Issues Unaudited 3Q Financials Tweet Oct 31, 2009 (Close-Up Media via COMTEX) -- Harmonic, a provider of broadcast and on-demand video delivery solutions, announced its preliminary and unaudited results for the quarter ended October 2. In a release dated October 28, the company stated: - For the third quarter of 2009, the company reported net sales of $83.9 million, compared to $91.5 million in the third quarter of 2008 and $81.3 million for the second quarter of 2009. For the first nine months of 2009, net sales were $232.9 million, compared to $268.1 million in the same period of 2008. - During the third quarter of 2009, the company saw a sequential increase in quarterly sales to international customers, particularly in Europe. International sales represented 52 percent of revenue for the third quarter of 2009, up from 43 percent in the previous quarter and 39 percent in the third quarter of 2008. Total bookings for the third quarter were approximately $79.9 million, compared to $81.3 million in the previous quarter. - The company reported GAAP net income for the third quarter of 2009 of $2.6 million, or $0.03 per diluted share, compared to net income of $12.0 million, or $0.12 per diluted share, for the same period of 2008. Excluding restructuring charges related to the recent Scopus acquisition and non-cash accounting charges for purchase accounting adjustments to inventory, stock-based compensation expense, the amortization of intangibles and certain tax adjustments, the non-GAAP net income for the third quarter of 2009 was $4.5 million, or $0.05 per diluted share, compared to $15.9 million, or $0.17 per diluted share, for the same period of 2008. - As of October 2, the company had cash, cash equivalents and short-term investments of $253.0 million, compared to $252.6 million as of July 3. "We're pleased with the sequential sales growth from our expanding base of international customers," said Patrick Harshman, President and Chief Executive Officer. "However, we continue to see cautious customer spending compared to last year. In this market environment, we have continued to carefully manage our operating expenses while also continuing to extend our global reach and technology leadership across a range of compelling new video applications extending from HDTV to mobile video. We remain confident in our strong competitive position and long-term growth prospects." ((Comments on this story may be sent to [email protected])) [ Back To TMCnet.com's Homepage ]